Scotland: Moratorium

mowglimangan

Hi all,

Had a long chat with a money adviser today going over all the specifics of my budget. He said my options are self managed DMP or a protected DAS or a trust deed. Really helped with my decision making there!

He mentioned a moratorium which he said is specific to Scotland and although he said they couldn't give any advice about it, he suggested I may be able to use it tactically before entering any other arrangement.

Does anyone have any experience of it? How easy to apply? Pros/cons?

Is it basically the same as I read about with people stopping payments and waiting for defaults to occur?

TIA, Mowgli

P.S. How do you know a default has occurred?

sourcrates

Not too clued up on Scottish debt solutions, but I expect its similar to the "breathing space" scheme south of the border.

You would need to ask a Scottish debt advisor about this, National Debtline (Scotland) is a good place to start, don`t take advice from private debt management companies, as they only want to sell you something.

Section 87 CCA covers defaults, you get a "default notice" in the post for non payment, ignore everything, and in a few weeks a default will appear on your credit file.

That`s it in a nutshell.